American Multi-State Cannabis Operators Imploding - Down 46% YTD; Down 75% From 2021 High
The general market weakness and the continuing disappointment in the postponement of the introduction of the Cannabis Administration & Opportunity Act (CAOA) from the end of April until sometime before the end of July has the largest American multi-state operators (MSOs) as tracked in the American Pure-play LP Pot Stock Index imploding. Here are the details.
The munKNEE Pure-Play American MSO Pot Stock Index
The American MSO Pot Stock Index consists of the 13 largest pure-play, vertically integrated multi-state operators whose stocks trade for at least US$1/share, have a market cap of at least US$200M (Goodness Growth is less but will soon be owned by, and incorporated into, Verano), and trade on one or more of the Canadian and/or American stock exchanges.
Below is how the 13 constituents performed from the end of March until the U.S. markets closed yesterday (Thursday), YTD (as of yesterday), and from their market highs in 2021, in descending order:
- Curaleaf (CURLF): -18.1% since the end of March; (-38.3% YTD); -69.2% from its 2021 peak
- Ascend Wellness (AAWH): -24.6%; (-52.4% YTD); -72.2% from its 2021 peak
- Acreage (ACRDF/ACRHF): -25.4%; (-20.7% YTD); -81.9% from its 2021 peak
- Verano (VRNOF): -26.1%; (-41.6% YTD); -71.0% from its 2021 peak
- Goodness Growth (GDNSF): -27.4%; (-11.7% YTD); -59.9% from its 2021 peak
- Chance of Financial Distress in next 2 years: +70%
- Analyst Consensus: None following GDNSF
- Green Thumb (GTBIF): -33.4%; (-43.9% YTD); -67.7% from its 2021 peak
- Trulieve (TCNNF): -33.8%; (-46.6% YTD); -92.9% from its 2021 peak
- Jushi (JUSHF): -34.8%; (-42.5% YTD); -78.3% from its 2021 peak
- Cresco (CRLBF): -34.8%; (-41.2% YTD); -76.8% from its 2021 peak
- TerrAscend (TRSSF): -35.0%; (-38.7% YTD); -76.2% from its 2021 peak
- Columbia Care (CCHWF): -37.5%; (-34.3% YTD); -75.4% from its 2021 peak
- Chance of Financial Distress in next 2 years: +67%
- Analyst Consensus: None following CCHWF
- Planet 13 (PLNHF): -40.3%; (-49.0% YTD); -81.6% from its 2021 peak
- Ayr Wellness (AYRWF): -64.0%; (-68.6% YTD); -86.9% from its 2021 peak
The American Pure-play MSO Pot Stock Index is DOWN 36.1% since the end of March (as of yesterday) and is now DOWN 45.9% YTD (as of yesterday) and DOWN 75.0% (as of yesterday) from its high in 2021.
For the record:
- The Canadian Pure-play LP Pot Stock Index is DOWN 33.9% since the end of March (as of yesterday) and is now DOWN 38.6% YTD (as of yesterday) and is now DOWN 89.5% (as of yesterday) from its high in 2021.
- Collectively, the Canadian LP and American MSO indices are DOWN 35.6% since the end of March (as of yesterday) and are now DOWN 44.5% YTD (as of yesterday) and -80.5% (as of yesterday) from their highs in 2021.
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I’ll take massively depressed sp with businesses printing 57% EBIT to Rev…. and significant Net Profits.
Not $MRMD. Best cannabis $MSO play out there full stop.